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Kite Pharma shares soar after positive clinical trials for lymphoma drug

Prescription drugs
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Shares of Kite Pharma climbed 9 percent Tuesday after receiving positive clinical trial results for a non-Hodgkin's lymphoma treatment.

The clinical study of a drug KTE-C19 showed that 76 percent of its patients with non-Hodgkin's Lymphoma responded to the treatment, while 47 percent showed a complete remission, the drugmaker said in a statement on Monday.

"What started at the NCI over a decade ago with the pioneering work of Steven A. Rosenberg, M.D., Ph.D., has evolved into a technology that has the potential to fundamentally change the outlook of patients with cancer," Arie Belldegrun, president and CEO of Kite Pharma, said in the statement.

Its shares closed at $54.98 on Monday, before the results of the clinical trial were released.

Juno Therapeutics, another biopharmaceutical company developing immunotherapies, also saw its stock jump after the Kite Pharma news was released. (Get the latest quote here.)

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